TECK - Copper under assault as economic risks pile up - Bloomberg

Copper's outlook is under threat from various risks that threaten to undermine the metal's prospects, including "the possibility of lower GDP or industrial production triggered by geopolitical risks, high inflation becoming more embedded in the economy, or the effects of COVID-19 lasting longer than anticipated," CRU Group's director of copper research and strategy Vanessa Davidson said Monday, as reported by Bloomberg. Comex copper (HG1:COM) closed -2% at $4.21/lb after falling as much as 2.7% to $4.17, as commodities plunged alongside U.S. equities on worries that Federal Reserve interest rate hikes will plunge the economy into a recession; copper has slipped more than 4% YTD after surging more than 25% in each of the previous two years. Freeport McMoRan (NYSE:FCX) -8% in Monday's trading; also (TECK) -7.2%, (HBM) -7.4%, (SCCO) -3.8%. ETFs: (NYSEARCA:COPX), (NYSEARCA:CPER), (JJC), (JJCTF) But Davidson reportedly told a mining conference in Toronto that she remains optimistic about copper's long-term

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Copper under assault as economic risks pile up - Bloomberg